US: Judge dismisses most of Euribor-rigging lawsuit

A US judge on Tuesday dismissed most of an investor lawsuit accusing several major banks of conspiring to manipulate the benchmark European Interbank Offered Rate, or Euribor, and related derivatives.

In a 100-page decision, US District Judge Kevin Castel in Manhattan said several claims in the proposed class action must fail because of a lack of evidence that the defendants conspired to restrain trade or because they involved foreign conduct.

He also said only two of the six plaintiffs had antitrust standing: the California State Teachers’ Retirement System, one of the world’s largest public pension funds; and Greenwich, Connecticut-based FrontPoint Australian Opportunities Trust.

The judge said investors may pursue one antitrust claim and two common law claims against Citigroup Inc and JPMorgan Chase & Co.

Citigroup spokesman Rob Julavits and JPMorgan spokeswoman Jessica Francisco declined to comment. Lawyers for the plaintiffs did not immediately respond to requests for comment.

Other defendants included Credit Agricole SA, Rabobank NA, Royal Bank of Scotland Group Plc, Societe Generale SA and UBS AG, as well as electronic broker-dealer ICAP Plc.

Barclays Plc and HSBC Holdings Plc previously settled for a respective $94 million and $45 million, while claims against Deutsche Bank AG were put on hold and BNP Paribas SA was dismissed as a defendant, court records show.

Full Content: Daily Mail

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